Advisor Team
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Improve Your Financial Knowledge - Part 10
1-Nov-2022
34. Canada's Insurance Regulators:
1. Office of the Superintendent of Financial Institutions (OSFI)
2. Provincial and Territorial Insurance Regulators
3. Canadian Council of Insurance Regulators (CCIR) and Canadian Insurance Services Regulatory Organizations (CISRO)
4. Compensation Organizations (Assuris, and Property and Casualty Insurance Compensation Corporation (PACICC))
5. Dispute Resolution Organizations (OmbudService for Life and Health Insurance (OLHI) and General Insurance OmbudService (GIO))
Compensation Organizations for the Insurance Companies' Insolvency
1. Assuris (For Life and Health Insurance)
Death benefit: max 200K
Health expense: max 60K
Monthly income: max 2K
Cash value: max 60K
Deposit products: max 100K
TFSAs: max 100K
2. Property and Casualty Insurance Compensation Corporation (PACICC) (For Property and Casualty Insurance)
Auto and commercial insurance - max 250K
Home insurance - max 300K
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